Skip Payment definition

Skip Payment. If we make a skip payment option available, you may skip making your payment(s) for certain month(s). If you choose this option, interest will continue to accrue, but no late payment charges will be imposed during the skip period. All credit terms applicable immediately prior to the skip period will again apply once the skip period has expired.
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Skip Payment. We may allow you to skip one or more monthly payments during a year. This option, if made available to you, will be effective for only one month at a time. You will be given notice of any month for which the option is available. If we allow you to skip a payment, you may be required to pay a Skip Payment Fee, as provided in Section 9(b), Finance Charges will continue to accrue on the Account balance, and the regular Minimum Payment Due will be applicable for the next month. Allowing you to skip a payment will not extend the period within which you must pay the New Balance on a periodic statement to completely avoid paying a Finance Charge on Purchases as described in Section 7.
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Skip Payment. If we make a skip payment option available, you may skip making your payment(s) for certain month(s). If you choose this option, interest will continue to accrue, but no late payment charges will be imposed during the skip period. All credit terms applicable immediately prior to the skip period will again apply once the skip period has expired. Default: The following provision applies to borrowers in Idaho, Kansas, and Maine: You will be in default if (1) you do not make a payment of the required amount when due; or (2) we believe the prospect of payment, performance, or realization on any property given as security is significantly impaired. The following applies to borrowers in Iowa: You will be in default if (1) you fail to make a payment within 10 days of the time required by this Agreement or (2) you fail to observe any other covenant of this Agreement, the breach of which materially impairs the condition, value or protection of or our right in the Collateral, or materially impairs your prospect to pay amounts due under this Agreement. The following provision applies to loans subject to the Wisconsin Consumer Act: You shall be in default under this Agreement if any of the following occur: (a) failure to pay when due on 2 occa- sions within any 12- month period; OR (b) you breach any term or condition of this Agreement, which breach materially impairs your ability to pay amounts when due or materially impairs the condition, value, or protection of our rights to or in any collateral securing this transaction.
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Examples of Skip Payment in a sentence

  • To qualify for a skip payment: • the Credit Card account must be opened for at least six months with a payment made each month; • Savings or spending account must have enough funds to cover any applicable fees; • Your Credit Card may not be past due, have any unpaid fees, or in default; and • One Skip Payment is allowed per credit card per rolling calendar year (12 months).

  • Skip Payment Fee - $30.00 and is collected at the time of approved request.

  • We have no obligation to accept your application for any Skip Payment Period offered, and you authorize us to investigate your creditworthiness including obtaining consumer credit reports.

  • If you make extra or larger payments, you are still required to make at least the Minimum Payment each month that your Account has a balance unless you have received written permission from us not to or we do not require you to make a Minimum Payment during certain designated Billing Cycles (see Skip Payment Option below).

  • Beginning with the billing cycle following an allowed Skip Payment Period, all other provisions of this Agreement will apply.

  • You will be notified if your Skip Payment Request is not approved.

  • Skip Payment Option will not be available to you if your Accounts are delinquent or in default.

  • Skip Payment Option We may, at our option, allow you to skip a payment from time to time.

  • Certain restrictions apply, and AgFed reserves the right to deny any Skip Payment participation request.

  • Skip Payment Option We may, at our option, allow you and/or the cardholder, as applicable (hereinafter for purposes of this section only “you”), to skip a payment from time to time.

Related to Skip Payment

  • AHYDO Catch-Up Payment means any payment, including payments made on subordinated debt obligations, in each case to the extent such payment is necessary to avoid the application of Section 163(e)(5) of the Code.

  • Capitation Payment means a payment the STATE makes periodically to the MCO for each Enrollee covered under the Contract for the provision of services as defined in Article 6 regardless of whether the Enrollee receives these services during the period covered by the payment.

  • Delta Payment means as it is described in this Agreement.

  • Monthly Payment Amount means, with respect to each Payment Date, a payment equal to the amount of interest which has accrued during the related Interest Accrual Period, computed at the Interest Rate.

  • Interim Payment has the meaning specified in Section 10.1.

  • Payment month means, for all programs except EA, the calendar month for which benefits are issued.

  • Gross-Up Payment shall have the meaning set forth in Section 6.2 hereof.

  • PAGA Payment means the penalties pursuant to PAGA that the Parties have agreed is a

  • Payment Amount as defined in Section 3.5.

  • Initial Trip Payment means the first payment made to the Insured’s Travel Supplier toward the cost of the Insured’s Trip.

  • PRE-PAYMENT The Tenant shall: (check one) ☐ - Pre-Pay Rent in the amount of $ for the term starting on and ending on . The Pre-Payment of Rent shall be due upon the execution of this Agreement. ☐ - Not be required to Pre-Pay Rent.

  • Minimum Monthly Payment for any Mortgage Loan and any month means the minimum amount required to be paid by the related mortgagor in that month.

  • Optimal Interest Remittance Amount For each Distribution Date, the product of (A) (x) the weighted average of the Net Mortgage Rates for the Mortgage Loans as of the first day of the related Collection Period divided by (y) 12 and (B) the Aggregate Loan Balance as of the first day of the related Collection Period (not including for this purpose Mortgage Loans for which prepayments in full have been received and distributed in the month prior to that Distribution Date).

  • Late Payment Surcharge shall have the meaning ascribed thereto in Article 10.3.3 of this Agreement;

  • Servicer Prepayment Charge Payment Amount The amounts payable by the Servicer in respect of any waived Prepayment Charges pursuant to Section 2.05 or Section 3.01.

  • Down payment means all partial payments, whether made in cash or otherwise, received by or for the benefit of the seller before or substantially contemporaneous with either the execution of the installment sale contract or the delivery of the motor vehicle sold under that contract, whichever occurs later.

  • Monthly Payment The scheduled monthly payment of principal and interest on a Mortgage Loan.

  • Earnout Payment has the meaning set forth in Section 2.3(b).

  • Service Payment has the meaning given to it in clause 9.1;

  • Late Payment Charge means the charge that is applied when either Party fails to remit payment for any charges by the Bill Due Date, or if payment for any portion of the charges is received after the Bill Due Date, or if payment for any portion of the charges is received in funds which are not immediately available or received by either Party as of the Bill Due Date, or if either Party does not submit the Remittance Information.

  • Master Servicer Prepayment Charge Payment Amount The amounts payable by the Master Servicer pursuant to Section 2.03(b) in respect of any waived (or, with respect to subsequent changes of law, any unenforceable) Prepayment Charges.

  • Interest Remittance Amount With respect to any Mortgage Pool and Distribution Date, (a) the sum of (1) all interest collected (other than in connection with Payaheads and Prepayment Premiums) or advanced in respect of Scheduled Payments in such Mortgage Pool during the related Collection Period by the Servicers, the Master Servicer, or the Trustee (solely acting in its capacity as successor Master Servicer), minus (x) the Servicing Fee with respect to the Mortgage Loans and (y) previously unreimbursed Advances and other amounts due to the Servicers, the Master Servicer or the Trustee (solely acting in its capacity as successor Master Servicer) to the extent allocable to interest and the allocable portion of previously unreimbursed Servicing Advances with respect to the Mortgage Loans, (2) any Compensating Interest Payments with respect to the Mortgage Loans in such Mortgage Pool with respect to the related Prepayment Period (or in the case of Mortgage Loans serviced by Aurora, the relevant Collection Period), (3) the portion of any Purchase Price, as applicable, or Substitution Amount paid with respect the Mortgage Loans in such Mortgage Pool during the related Prepayment Period (or in the case of Mortgage Loans serviced by Aurora, the relevant Collection Period) allocable to interest, and (4) all Net Liquidation Proceeds, Insurance Proceeds and any other recoveries collected with respect to the Mortgage Loans during the related Prepayment Period (or in the case of Mortgage Loans serviced by Aurora, the relevant Collection Period), to the extent allocable to interest, as reduced by (b) other costs, expenses or liabilities reimbursable to the Trustee, the Master Servicer or each Servicer to the extent provided in this Agreement and each Servicing Agreement, and the Custodian pursuant to the Custodial Agreement; provided, however, that in the case of the Trustee, such reimbursable amounts may not exceed $500,000 during any Anniversary Year up to and including the Anniversary Year in which the Stepdown Date occurs and $200,000 during any Anniversary Year thereafter (the “Applicable Maximum Reimbursement Amount”). In the event that the Trustee incurs reimbursable amounts in excess of the Applicable Maximum Reimbursement Amount in any Anniversary Year, it may obtain reimbursement for such amounts in subsequent Anniversary Years, but in no event shall more than the Applicable Maximum Reimbursement Amount in aggregate be reimbursed to the Trustee per Anniversary Year. Notwithstanding the foregoing, costs and expenses incurred by the Trustee pursuant to Section 6.14(a) in connection with any transfer of servicing shall be excluded in determining the Applicable Maximum Reimbursement Amount limitation on reimbursable amounts per Anniversary Year. For the avoidance of doubt, (i) the Interest Remittance Amount available on each Swap Payment Date for distributions to the Supplemental Interest Trust Account shall be equal to the Interest Remittance Amount on the related Distribution Date and (ii) the Interest Remittance Amount for each Distribution Date shall be calculated without regard to any distributions to the Supplemental Interest Trust Account on the related Swap Payment Date.

  • Settlement Payment means the transfer, or contractual undertaking (including by automated clearing house transaction) to effect a transfer, of cash or other property to effect a Settlement.